We are looking for a multifunctional P&P capable of 20mil pitch and 0402 at a few kpph, preferably fully automatic. We need to stay in the $10K - $15K range. Are we kidding ourselves? And if so, what can we get in this price range?

I am sure you could find an old Quad 4c that would do what you want....but remember....its old....and you would need training and GOOD feeders. I would think the price range is round-a-bout what you wanted.

I�ve seen new table-top machines for $ 15,000 at exhibitions, but only one time and the same vendor didn�t show up the next time. Realistically, new machines capable of doing 0402 and 20 mil and a few kpph under $ 15,000 do not exist. Any used machine doing 0402 and 20 mil will require an optical alignment system. Mechanical alignment will hardly do the job, or with a high pick failure rate on the 0402 and bend leads on the 20 mil components. 0402 components may also require a 2 mm pitch feeder most of the older machines don�t even have, because these machines were not designed to place these small components. The Siplace F3, as Tommy proposed, does the job very well, but not for $ 15,000. A used F3 out of China is ~ $ 30,000. Well, I wish you good luck with those machines. You�ll have to invest $ 40k to $ 50k if you are looking into a Siplace F3 in good running condition from US or European market. I think, this is the kind of price level, you may expect from any used machine capable of doing your required components. Another advise, in order to look for a machine capable of doing the proposed component range, you should be looking at 0202 and 15 mil capability. If the machine can do those components, it can do the 0402 and 20 mil with certainty.